Election day is over but the election itself is not. Although we feel comfortable calling a Trump victory with both the markets and betting markets in agreement that President Trump has been reelected. However, there is no final result, and this vote promises to end up in the courts.
As we wrote yesterday, the election would have no major effect on the prices in markets or metals. The trend was lower and remains lower with December Gold down 21, December Silver down .80 and January Platinum down 20. These quotes are as of 3:23 am EST.
The overnight ranges were big Gold 27, Silver 1.40, and Platinum 30. This is consistent with action that was expected, volatile trade with a bias towards the trend. Expectations are for the trend to continue lower, the next major support levels are Gold 1850, Silver 22 and Platinum 820. There is no question the trend and price action can change at anytime, however as traders we are short all three and until the trend changes, we will stay there.
Pleases remember trading and investing are different, investors should not be concerned or worried about liquidating. Traders use the trend to decide which is why we are short. Full disclosure, I am short all in the futures market and long Gold and Silver with physical.